Lateefah Simon (D-CA)
Expressing the sense of the House of Representatives that small business owners seeking financing have fundamental rights, including transparent pricing and terms, competitive products, responsible underwriting, fair treatment from financing providers, brokers, and lead generators, inclusive credit access, and fair collection practices.
A Democratic resolution with 1 Democratic cosponsor · See the cosponsor
Last activity — Referred to the House Committee on Small Business.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
A House resolution is the House speaking for itself: stating a position, honouring someone, or setting its own rules. Adopting it is the whole process. Once the House agrees to it, it is officially the House's word; it is not a law, so the Senate and the President have no part in it.
What this bill would do
This resolution expresses the sense of the House of Representatives regarding the fundamental rights of small business owners seeking financing. It highlights the importance of small businesses in the economy and the challenges they face with irresponsible lending practices. The resolution asserts that borrowers deserve transparent pricing, competitive products, and responsible underwriting. It also advocates for fair treatment from brokers and lead generators, as well as inclusive credit access. Finally, it calls for fair collection practices and the protection of borrowers from certain legal agreements.
Yes· 3 of 12
- Scored +8
Would business owners be better off under this?
The resolution establishes a framework of fundamental rights intended to protect small business owners from irresponsible lending and unfair collection practices.
- Scored +8
Does this make it easier to run a small business?
The resolution advocates for several protections for small business owners, including transparent pricing, responsible underwriting, and fair collection practices.
- Scored +5
Is this likely to create jobs?
The resolution suggests that protecting small business financing can help businesses that start, continue, or expand operations and create jobs.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Transparent Pricing and Terms: Borrowers have the right to receive the cost and terms of financing in a clear, complete, and easy-to-compare written form, which helps them make the best decisions for their business. (Whereas clause regarding the right to have cost and terms presented in writing).
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Prevention of Debt Cycles: The resolution states that financing products should not trap a business in an expensive cycle of reborrowing. (Whereas clause regarding the right to expect products will not trap a business in a cycle of reborrowing).
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Responsible Underwriting: Financing should be based on practices that assess the actual ability of a business to succeed and repay the loan. (Whereas clause regarding the right to expect financing based on underwriting practices that assess ability to succeed and repay).
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Honest Communication: Borrowers are entitled to honest, transparent, and impartial communications regarding loan options, fees, and conflicts of interest from providers, brokers, and lead generators. (Whereas clause regarding the right to honest, transparent, and impartial communications).
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Fair and Equal Treatment: Small business owners are entitled to fair and equal treatment when seeking loans, including protections guaranteed under the Equal Credit Opportunity Act. (Whereas clause regarding the right to fair and equal treatment).
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Respectful Debt Collection: Borrowers have the right to be treated fairly and respectfully during the collections process, with protections such as those guaranteed under the Fair Debt Collection Practices Act. (Whereas clause regarding the right to be treated fairly and respectfully throughout a collections process).
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Legal Protections: The resolution asserts the right to expect that providers do not use confessions of judgment or equivalent agreements where a borrower preemptively agrees to lose disputes. (Whereas clause regarding the right to expect providers do not use confessions of judgment).
Potential Negative Impacts for People
- No specific negative impacts are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would business owners be better off under this? — The resolution establishes a framework of fundamental rights intended to protect small business owners from irresponsible lending and unfair collection practices. Would Black Americans be better off under this? — The resolution emphasizes protections under the Equal Credit Opportunity Act which promotes fair and equal treatment. Would Asian Americans be better off under this? — The resolution emphasizes protections under the Equal Credit Opportunity Act which promotes fair and equal treatment. Would Hispanic Americans be better off under this? — The resolution emphasizes protections under the Equal Credit Opportunity Act which promotes fair and equal treatment. Would Native Americans be better off under this? — The resolution emphasizes protections under the Equal Credit Opportunity Act which promotes fair and equal treatment. Would white Americans be better off under this? — The resolution emphasizes protections under the Equal Credit Opportunity Act which promotes fair and equal treatment. Would women be better off under this? — The resolution emphasizes protections under the Equal Credit Opportunity Act which promotes fair and equal treatment.
- Economy And Finance
- Does this make it easier to run a small business? — The resolution advocates for several protections for small business owners, including transparent pricing, responsible underwriting, and fair collection practices. Is this likely to create jobs? — The resolution suggests that protecting small business financing can help businesses that start, continue, or expand operations and create jobs. Is this likely to grow the economy? — The text asserts that small businesses are integral to the nation's overall economic growth and prosperity.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The resolution calls for transparent and honest communications regarding loan options and fees.
- Social Issues And Justice
- Does this narrow racial gaps in how people are treated? — The resolution highlights the right to fair and equal treatment under the Equal Credit Opportunity Act.
- 5/7/2026
- Submitted in House
- Referred to the House Committee on Small Business.
- 1 Cosponsor added.
Nydia VelázquezDemocrat · New York